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San Clemente attracts a lot of business owners — contractors, consultants, agency owners. Most can't qualify the traditional way.
A P&L loan uses a CPA-prepared profit and loss statement to verify income. No tax returns. No W-2s required.
660+ Typical
Min Credit Score
CPA-Prepared P&L
Income Doc
10-20% Min
Down Payment
12 or 24 Months
P&L Period
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that income figure — not your tax return's write-down number.
Credit requirements vary by lender. Most want a 660+ score. Down payment typically starts at 10-20%, depending on loan size.
Banks don't offer P&L loans. This is strictly a non-QM product — meaning it lives in the wholesale and private lending space.
SRK CAPITAL works with 200+ wholesale lenders. We find the ones whose P&L overlays actually match your income picture.
The biggest mistake self-employed borrowers make: submitting a P&L that doesn't match business bank statements. Lenders cross-check both.
Work with your CPA before applying. A clean, accurate P&L that reflects real revenue closes faster and at better terms.
Bank Statement Loans average 12-24 months of deposits. P&L loans can work when deposits are inconsistent but revenue is documented.
1099 loans suit gig workers and contractors. Asset Depletion works for borrowers with large reserves but low monthly income.
San Clemente sits in a high-cost coastal corridor. Properties here often require larger loan amounts, which non-QM lenders handle well.
The self-employed buyer pool here is active — surf industry entrepreneurs, remote founders, small business owners. P&L loans were built for this market.
Your CPA must prepare and sign it. A self-prepared P&L won't be accepted by lenders.
Most P&L-only loans do not require tax returns. That's the point of this program.
Yes. P&L loans work for purchases and refinances. Loan amounts depend on your income and down payment.
Most lenders want 660 or higher. Some non-QM lenders go lower with a larger down payment.
Tax returns reflect write-offs that reduce taxable income. P&L statements show gross business profit — usually a higher number.
Yes, typically. Non-QM pricing is higher than agency rates. Rates vary by borrower profile and market conditions.
Profit & Loss Statement Loans in San Clemente